Sempra

Sempra reported first quarter 2026 GAAP earnings of $1.37 billion, or $1.58 per share, versus $906 million, or $1.39 per share, in first quarter 2025. Adjusted first quarter earnings were $991 million, or $1.51 per share, versus $942 million, or $1.44 per share, a year ago. Management said the first-quarter 2026 adjusted earnings contribution from Oncor’s base rate review will be recognized mainly in the second quarter because the order was not issued until April. For the full year, Sempra reaffirmed 2026 adjusted EPS guidance of $4.8 to $5.3, 2027 EPS guidance of $5.1 to $5.7, and long-term EPS growth of 7% to 9%. It also reiterated a record $65 billion capital plan, about $9 billion of incremental capital opportunities beyond the base plan, and that it expects to close the SI Partners transaction in 2026.

Jeffrey Martin framed the quarter as a positive start to 2026 and emphasized progress on the company’s value-creation initiatives. His tone was upbeat on Texas, where he said Oncor’s large-load and transmission opportunity can support capital spending well into the next decade, and he repeatedly stressed that the business is becoming more focused on U.S. utilities, especially Texas. He also said Sempra remains bullish on LNG long term, while making clear that the corporate strategy is shifting toward a lower-risk, utility-heavy profile.

Karen Sedgwick led with the hard numbers: GAAP earnings of $1.37 billion, or $1.58 per share, and adjusted earnings of $991 million, or $1.51 per share, both higher than last year’s first quarter. She broke out year-over-year adjusted earnings changes by segment: +$25 million at Sempra Texas, +$44 million at Sempra California, +$34 million at Sempra Infrastructure, and -$6 million at Sempra Parent. She also said the company is affirming its 2026 and 2027 EPS guidance ranges, highlighted the $65 billion capital plan, and said closing SI Partners should support parent debt paydown, deconsolidation, and a stronger credit profile, with rating-agency thresholds expected to improve after closing and related milestones.

Analysts focused heavily on Texas load growth, the quality and timing of the 127 GW large-load figure, and how much of the upside is already embedded in the capital plan. Management said the 127 GW and the prior high-confidence number are effectively the same quality, and Oncor described the number as subject to evolving ERCOT rules and studies, while stressing that the base plan does not depend on every load project materializing. Questions also centered on the SI Partners close and rating-agency actions; management said the transaction is on track for Q2 or Q3 closing and that rating thresholds should improve after closing, though not immediately, with some agencies also looking for construction progress at projects. California wildfire liability reform was another theme, and management said it has reasonable confidence something will get done this session and pointed to momentum around the CEA resiliency report.